Signet Jewelers reports ‘unusually heightened’ Q3 sales

Signet Jewelers, the parent company of Ernest Jones and H Samuel, has announced “unusually heightened” total sales of $1.6bn (£1.3bn) for Q3.

This increase of nearly 3% has been attributed partly to government benefit programs and the company’s strategic transformation.

The company reported a gaap operating income of $48m (£39m), down from $107m (£88m) in Q3 of FY22.

CEO Virginia C. Drosos said: “Our strong third quarter results exceeded guidance and evidence why we believe Signet is uniquely positioned to deliver consistent market share growth and value creation. Our financial strength and flexible operating model are enabling continued strategic investments that are widening our competitive advantages.

“We have acquired 22.5 million new customers over the past five years, driving revenue and market share growth, and these customers are younger, more affluent and highly diverse with meaningful lifetime purchasing power. Our team’s culture of innovation, agility and rigorous execution continue to drive advantage.”

Joan Hilson, chief financial and strategy officer added: “We’re raising our full-year guidance with confidence in the sustainability of an annual double-digit non-GAAP operating margin, which reflects current business trends and is now inclusive of Blue Nile.We are entering this Holiday season with the healthiest and most consumer-inspired inventory in our history — down 2% despite tiering up our Accessible Luxury offering.

“Today, nearly all of our inventory is immediately available to customers whenever, wherever and however they choose to browse, shop and buy with us which is driving inventory turns nearly double pre-transformation levels.”